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Business Today

Business Today

8-Aug-21

A leading business magazine read by the business leaders for staying ahead and managing challenges that comes right away in the ever changing world of business.

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País:
India
Idioma:
English
Editor:
Living Media India Limited
Periodicidad:
Biweekly
USD 1.99
USD 36.99
26 Números

en este número

1 min.
q4 blip can’t halt first current account surplus in 17 years

India posted a current account deficit of $8.1 billion, or 1 per cent of GDP, in the last quarter of FY21. Still, India recorded its first annual current account surplus of $24 billion, or 0.9 per cent of GDP, in 17 years This was due to a strong first half of the year when trade deficit narrowed because of resilient software services exports and sharp dip in imports due to the Covid-19 pandemic Merchandise trade deficit shrunk to $102.2 billion in FY21 from $157.5 billion in FY20, while net earnings from services rose from $84.9 billion to $88.6 billion BALANCE OF PAYMENTS ($ billion) Source: RBI…

10 min.
champ in the making

The rags-to-riches story of Arokiaswamy Velumani, the founder of diagnostics chain Thyrocare, is well-known and a motivation for aspiring entrepreneurs. He was born in a poor family in a village on the outskirts of Coimbatore. His mother funded his education from whatever little she earned from her two buffalos. He graduated in science and after years of struggle got a job at the Bhabha Atomic Research Centre in Mumbai. He worked there for 15 years before starting his own business, painfully building up a diagnostics chain with a one lakh square feet central laboratory in Navi Mumbai. He lived in a small portion of the lab and recruited mostly freshers whom he wanted to help considering his own early struggles. The 62-year-old hogged headlines recently when he sold his pan-India…

1 min.
dollar drop sends india’s debt load higher

India’s external debt rose 2.1 per cent year-on-year to $570 billion in FY2021, with most of the increase coming from depreciation of the US dollar against the rupee and other major currencies The external debt-to-GDP ratio rose from 20.6 per cent to 21.1 per cent. long-term debt increased 3.8 per cent to $468.9 billion, while short-term debt slid 5.4 per cent to $101.1 billion In long-term debt, external commercial borrowings fell 2.9 per cent, while non-resident Indian deposits jumped 8.7 per cent EXTERNAL DEBT ($ billion) Source: RBI Total Debt FY20 $558.4 bn Total Debt FY21 $570 bn…

13 min.
cash splash

Between December 2018 and January 2019, the Reserve Bank of India (RBI) surveyed half a dozen major cities to gauge the prevalence of digital payments two years after the country demonetised about 86 per cent of its currency overnight. The survey sought to gauge people’s level of awareness about digital payments and the challenges they faced while using payment cards, mobile banking, net banking, and Unified Payments Interface (UPI). It threw up a list of pain points of which the main ones were a lack of point-of-sale (PoS) machines, trust issues, complicated digital processes, and transaction charges. That pretty much sums up the reasons for a stubbornly high level of cash in the system despite the surge in digital transactions since demonetisation and the spur from the Covid-19 pandemic. India’s currency in…

2 min.
the vanishing billions

Kundapur Vaman Kamath, the former boss of ICICI Bank and the New Development Bank, has a simple explanation for why many of the erstwhile large business groups, led by well-known industrialists of the time, fell. The one big reason, the ace banker says, was that raising large amounts of debt to grow the businesses was seen to be the right thing to do at the time. Kamath, and many other bankers like him, have seen a number of these business groups set out a scorching growth pace backed by humongous amounts of debt, only to find themselves either at the wrong end of business cycles, or faced with withering demand. As these groups chased growth ambitions — often in unrelated areas — and borrowed to feed these plans, servicing these…

27 min.
india’s fallen billionaires

₹4,300 Number of companies taken to NcLt for loan default In the second week of March, Venugopal Dhoot, 69, who built India’s first homegrown consumer durables company, Videocon Industries Ltd (VIL), looked distraught while walking out of a PMLA (Prevention of Money Laundering Act) court in Mumbai. The court granted him bail but asked him to surrender his passport. Dhoot, whose personal wealth was $1 billion-plus in 2015, has lost all major businesses — consumer durables, telecom, oil exploration — to insolvency. In August 2019, the National Company Law Tribunal (NCLT) consolidated resolution processes for all 13 group companies, which had total admitted claims of ₹64,838 crore. In October 2020, the Dhoot family offered lenders ₹30,000 crore to withdraw the insolvency proceedings. But the creditors decided to sell the assets to a…